Nfn is anyone getting paid? Behind 150 k - REO Property Preservation Forum
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 19 (permalink) Old 06-24-2016, 04:51 PM Thread Starter
Member
 
Join Date: May 2015
Location: florida
Posts: 61
Thanks: 72
Thanked 8 Times in 7 Posts
Nfn is anyone getting paid? Behind 150 k

We are standing at 150 k over 90 days, very worried in fact stopping all the work as today. Anybody else on this situation. I mean their jobs are great but where is the money.
SANTYY30 is offline  
Sponsored Links
Advertisement
 
post #2 of 19 (permalink) Old 06-24-2016, 05:01 PM
Member
 
Join Date: Feb 2013
Posts: 90
Thanks: 1
Thanked 24 Times in 15 Posts
Wow...I would of stopped work after 2k
adorler is offline  
post #3 of 19 (permalink) Old 06-25-2016, 12:46 AM
G 3
Senior Member
 
Join Date: May 2015
Posts: 210
Thanks: 255
Thanked 145 Times in 85 Posts
Quote:
Originally Posted by SANTYY30 View Post
We are standing at 150 k over 90 days, very worried in fact stopping all the work as today. Anybody else on this situation. I mean their jobs are great but where is the money.
Why the hell did you carry them for $150K? Sounds like you have a lot of work to do with letters of intent to lien. Over 90 though, so you may not be able to lien the properties.

I can't see how a job is great if you never see the money...
G 3 is offline  
The Following 3 Users Say Thank You to G 3 For This Useful Post:
All Island Handy (06-25-2016), Craigslist Hack (06-27-2016), david (06-26-2016)
Sponsored Links
Advertisement
 
post #4 of 19 (permalink) Old 06-25-2016, 02:03 AM
How I wanna be a PP Pro
 
Wannabe's Avatar
 
Join Date: Oct 2012
Location: USA
Posts: 1,103
Thanks: 232
Thanked 1,277 Times in 562 Posts
I'll never forget a fella I knew in Wi who quit his Train Engineer job with the railroad to go into the preservation industry. This was during the "good days" and we both worked for a company that had the HUD contract. About a year before the contract renewed we started to wiene the amount due down and the invoices were starting to extend beyond 15 days so we accepted less and less work. The ex train engineer called to ask how things were going so we told him we were slowing down with Best ****** and the reason. He informed us he was holding over $80,000 in outstanding invoices.

When Best ****** lost the contract they immediately filed bankruptcy. The ex engineer got sued from multiple subs that he couldn't afford to pay.

That poor fella lost EVERYTHING!! He ended up working on a Wisconsin dairy farm. I still wonder about him from time to time.

My advice: see an atty immediately.
Wannabe is offline  
The Following 6 Users Say Thank You to Wannabe For This Useful Post:
All Island Handy (06-25-2016), Craigslist Hack (06-27-2016), david (06-26-2016), G 3 (06-25-2016), JoeInPI (06-30-2016), mtmtnman (06-28-2016)
post #5 of 19 (permalink) Old 06-27-2016, 11:00 PM
Business Consultant
 
Cleanupman's Avatar
 
Join Date: Nov 2012
Location: Silver Springs, Nevada
Posts: 1,380
Thanks: 322
Thanked 564 Times in 339 Posts
Quote:
Originally Posted by SANTYY30 View Post
We are standing at 150 k over 90 days, very worried in fact stopping all the work as today. Anybody else on this situation. I mean their jobs are great but where is the money.
I have been getting reports from many on this issue...just got off phone with couple in Oregon 60k....earlier guy in Alabama...75k...

I recently published an article with commentary from internal employees being worried about their payroll...get your lien information lined up and get ready to execute legal proceedings as from all information I am hearing this company is insolvent....

Aladay LLC
Property Preservation
New Business Consultant
Custom Glass&Wood
Cleanupman is offline  
The Following User Says Thank You to Cleanupman For This Useful Post:
SANTYY30 (06-30-2016)
post #6 of 19 (permalink) Old 06-30-2016, 02:27 PM Thread Starter
Member
 
Join Date: May 2015
Location: florida
Posts: 61
Thanks: 72
Thanked 8 Times in 7 Posts
Quote:
Originally Posted by G 3 View Post
Why the hell did you carry them for $150K? Sounds like you have a lot of work to do with letters of intent to lien. Over 90 though, so you may not be able to lien the properties.

I can't see how a job is great if you never see the money...
well lets just said i billed 56 k just the first 30 days, they have like 8 k trimmings, 300 cy trash outs, trust me getting to 150 k comes quick.
SANTYY30 is offline  
post #7 of 19 (permalink) Old 06-30-2016, 02:28 PM Thread Starter
Member
 
Join Date: May 2015
Location: florida
Posts: 61
Thanks: 72
Thanked 8 Times in 7 Posts
Quote:
Originally Posted by adorler View Post
Wow...I would of stopped work after 2k
first job was 80 cy at $50 per, just one house at the end of the month we were at 56 k first month
SANTYY30 is offline  
post #8 of 19 (permalink) Old 06-30-2016, 02:30 PM Thread Starter
Member
 
Join Date: May 2015
Location: florida
Posts: 61
Thanks: 72
Thanked 8 Times in 7 Posts
Quote:
Originally Posted by Cleanupman View Post
I have been getting reports from many on this issue...just got off phone with couple in Oregon 60k....earlier guy in Alabama...75k...

I recently published an article with commentary from internal employees being worried about their payroll...get your lien information lined up and get ready to execute legal proceedings as from all information I am hearing this company is insolvent....
they keep saying we will send you 5k every week, not one check yet 3 weeks on the same page. We are getting all together for legal.
SANTYY30 is offline  
post #9 of 19 (permalink) Old 06-30-2016, 09:59 PM
Senior Member
 
JoeInPI's Avatar
 
Join Date: Dec 2014
Posts: 342
Thanks: 499
Thanked 201 Times in 114 Posts
I'm really sorry that you're in that spot. I guess it does add up fast, but really- with these types of companies running things now, you can't LET it add up fast. You really need to stay on top of it daily, and know every day what your total receivables are, and be prepared to pull the trigger if things start getting fishy. I concur though- lawyer up immediately. If you're at about 90 days, you're in the days now where one day either way can make thousands of dollars of difference with liens.

Quote:
Originally Posted by GTX63 View Post
If not satisfied please returned the unused portion of the product and we'll return the unused portion of your money.
JoeInPI is offline  
post #10 of 19 (permalink) Old 07-02-2016, 06:23 PM
Member
 
Join Date: Sep 2012
Posts: 77
Thanks: 11
Thanked 31 Times in 20 Posts
I do not work for NFN, I have been working for NFN Now and that ship has just sailed and came back into port. Forget that noise , slow pay, there website is beyond ****.

You have to invoice so what I invoice and what they pay is a scam, I have brought in legal counsel and there client hates when there name is mentioned.
MKM Landscaping is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the REO Property Preservation Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome